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Insurance Glossary

Insurance terms and definitions from Koch Insurance Brokers LLC.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Koch Insurance Brokers LLC today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
UMBRELLA POLICY
Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.

UNBUNDLED CONTRACTS
A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract.

UNDERINSURANCE
The result of the policyholder’s failure to buy sufficient insurance. An underinsured policyholder may only receive part of the cost of replacing or repairing damaged items covered in the policy.

UNDERWRITING
Examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge appropriate premiums for them.

UNDERWRITING INCOME
The insurer’s profit on the insurance sale after all expenses and losses have been paid. When premiums aren’t sufficient to cover claims and expenses, the result is an underwriting loss. Underwriting losses are typically offset by investment income.

UNEARNED PREMIUM
The portion of a premium already received by the insurer under which protection has not yet been provided. The entire premium is not earned until the policy period expires, even though premiums are typically paid in advance.

UNINSURABLE RISK
Risks for which it is difficult for someone to get insurance.

UNINSURED MOTORISTS COVERAGE
Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

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Koch Insurance Brokers, LLC
            336 Anvil Dr. | Douglassville, PA 19518 | Ph. 610.370.7268 | TF: 888.410.4573

 

Investment advisory services are offered through IAMS Wealth Management, an SEC registered investment advisor. IAMS Wealth Management and Koch Insurance Brokers, LLC are independent of each other. The firm only conducts business in states where it is properly registered or is excluded from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not mean the advisor has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice.

Information presented is believed to be current. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. All investments have the potential for profit or loss. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio.